Bank buys Izatys for $3.3 million

from the Mille Lacs Messenger:

Bank buys Izatys for $3.3 million
Commerce Bank is lone bidder

by Brett Larson

Mille Lacs County Sheriff Brent Lindgren asked about 25 people gathered for the foreclosure sale of Izatys Resort how many were there to bid.

Only one replied: Beth Gliedman, an attorney representing Commerce Bank.

Her winning bid was $3.3 million.

The sale took place in the lobby of the sheriff’s office at 10 a.m. on Tuesday, Oct. 28. The bidding occurred after Lindgren read information required by law, including the original secured amount ($4.5 million), and the amount due on the original mortage ($3,524,972.95).

When no one protested, Lindgren waived the ready of the four-page property description and parcel numbers.

“With that,” he said, “we will take bids on the property.”

“On behalf of Commerce Bank,” Gliedman said, “I bid three million, three hundred thousand dollars.”

The observers at the auction were mainly neighbors, former employees of Izatys and residents of Izatys townhomes.

Dave Kramber, one of the owners who declared bankruptcy last December, was also present.

A 60-day redemption period means the debtor has until Dec. 28 to pay off the debt, Gliedman said.


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